ING lifts IO rates by 35 points

Effective Friday, 7 July, the challenger bank is making a number of changes to variable rates across its home loan portfolio.

The reference rates for the following segments will change as follows:

• For owner-occupier borrowers with our Orange Advantage home loan, the principal and interest rates will decrease by 0.05 per cent p.a.

• For owner-occupier borrowers (with either an Orange Advantage or Mortgage Simplifier home loan), interest-only rates will increase by 0.20 per cent p.a.

• For investor borrowers (with either an Orange Advantage or Mortgage Simplifier), interest-only rates will increase by 0.35 per cent p.a.

ING will waive any switching fees until the 31 August for existing customers with interest-only loans wishing to switch to principal and interest repayments. With a principal and interest loan customers may be eligible for lower interest rates.

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